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Understanding the NPS Vatsalya Account Opening Process
The National Pension System (NPS) Vatsalya, a contributory plan designed for minors, was launched on September 18, 2024. This plan allows parents or guardians to invest in a tiered savings scheme with exposure to equity markets. Overseen by the Pension Fund Regulatory and Development Authority (PFRDA), the account can be opened at participating banks such as Axis Bank and ICICI Bank.
Individuals can open an NPS Vatsalya account either offline or online through various platforms. The electronic platform eNPS provides a streamlined process for enrolling in the NPS Vatsalya program, allowing users to manage their contributions conveniently. Moreover, registration can be completed with any of the Central Recordkeeping Agencies (CRAs) like Protean, KFintech, and Cams NPS.
To proceed with the online registration, users should visit the National Pension System’s official website. They should locate the registration section and follow steps to register a new account by providing necessary details, including guardian information when applicable. Additionally, these accounts can be opened through registered Points of Presence (POPs) under PFRDA, which includes major banks, the India Post, and pension funds.
The process of opening an NPS Vatsalya account requires several documents. For proof of a minor’s date of birth, a birth certificate, school certificate, or passport may be used. Guardians must also provide their identity and address proof, such as an Aadhaar Card, passport, or voter ID. Non-Resident Indians must use an NRE or NRO bank account for the minor. Bank branches offer different investment options under this program to suit various financial goals.
Axis Bank allows guardians to begin the registration process by visiting a branch with necessary documents, including the child’s birth certificate and PAN card, to select investment options suitable to their family’s needs. Simultaneously, ICICI Bank enables the convenience of opening the NPS Vatsalya account across all its business centers.